Latest Insider Selling: 5 Large-Cap Tech Stocks to Watch

This article presents an overview of Latest Insider Selling: 5 Large-Cap Tech Stocks to Watch. For a detailed overview of such stocks read our article, Latest Insider Selling: 10 Large-Cap Tech Stocks to Watch.

5. Atlassian Corp (NASDAQ:TEAM)

Number of Hedge Fund Investors: 57

Project management software company Atlassian Corp (NASDAQ:TEAM) is one of the large-cap technology stocks insiders are selling. Mike Cannon-Brookes, the CEO of Atlassian Corp (NASDAQ:TEAM), on March 21 sold 8,241 shares of Atlassian Corp (NASDAQ:TEAM) at $198.48 per share. Since then the stock is down by about 2%.

Artisan Mid Cap Fund made the following comment about Atlassian Corporation (NASDAQ:TEAM) in its Q3 2023 investor letter:

“Among our top contributors were Argenx, Atlassian Corporation (NASDAQ:TEAM) and Global Payments. Atlassian is a leading provider of team-collaboration software tools. The stock outperformed based on solid financial results. Revenue growth is stabilizing (after a period of slowing in 2022), and operating margins are expected to expand in the coming years after a period of heavy reinvestment. Recent earnings results topped analyst expectations, and the company offered solid guidance, including 25% to 30% growth within its strategically important cloud business for its 2024 fiscal year. While operating margin guidance of 18.5% in 2024 was a modest disappointment, it is being driven by a final investment push, and the company expects 2024 to be the peak year for spending. One notable area of investment is generative artificial intelligence, where management is focused on getting these tools integrated into its products to drive additional value for customers which, if executed well, could drive future price increases.”